Say hello to gasless transactions on Ethereum

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Author

Daniel Akpobare
May 22, 2023

GM, this is The Crypto Explorer reporting for duty with a freshly brewed cup of coffee and a whole lot of Monday morning swag!

Here’s what we got for you today:

  • 👋 Say hello to gasless transactions!

  • 🔊 President Biden takes swipe at Crypto.

  • 🧱 Around The Block: Attacker hijacks tornado cash governance

     

 Say Hello to Gasless Transactions!

Visa has deployed an experimental smart contract on Ethereum's testnet (Goerli) to pilot gasless transactions.

Yes, you heard that right! 😃

ETH users might soon be able to process transactions without paying gas fees.

Visa is utilizing the new Ethereum standard (ERC-4337) to accomplish this.

What's ERC-4337: It a new Ethereum standard that makes it possible for accounts to be controlled by smart contracts rather than private keys.

This means you can now:

1. Key recovery (losing your keys doesn’t mean losing your crypto)!

2. Wallet 2FA (huge).

3. Transaction bundling (no more paying lots of gas).

4. Pay gas fee with any token.

5. Security and fraud monitoring.

6. Decentralized wallet recovery (social recovery).

7. Autopay crypto (think subscriptions).

8. Sponsored transactions.

9. Daily, monthly, yearly spending limits.

10. Requiring multiple parties to sign a transaction.

The list goes on…

ERC-4337 is a big deal for Ethereum, and if you didn't know about the update, you can watch this video to learn all about it.

  1. The first version of the Paymaster explores whether users can pay transaction fees with alternative tokens like dollar-pegged stablecoins or central bank digital currencies (CBDCs).

  2. The second version seeks to eliminate the need for users to cover gas fees by themselves, just like in web2 peer-to-peer (P2P) transactions, by using a solution proffered by account abstraction, which allows third parties, such as fintech wallet providers, to handle the costs.

So there you have it, folks - Visa, Ethereum, smart contracts, and gasless transactions... It's like a crypto word salad!🥗

It's all still in test mode, and if everything goes well, this might mark the beginning of a new era for Ethereum.

President Biden Takes Swipe at Crypto.

The US is currently undergoing debt ceiling talks.🗣️

And the US Treasury Department is warning that if Congress can't agree on a debt limit raise, the country might face default by June 1.

For those who don’t know: the debt ceiling or debt limit is a legislative cap on the amount of debt that the United States Department of treasury can issue to investors or to other US federal agencies in order to finance the legal obligations of the US Government, including Social security, Medicare benefits, military salaries, interest on existing debts and other payments.

While addressing the debt ceiling issue at the G7 Summit in Japan, US President Biden took a swing at Republican lawmakers.

He emphasized the need for a bipartisan deal in Congress, stating that Republicans must be willing to find some common ground.

But then, out of nowhere, he takes a detour to Crypto Town. 🛣️💰

Biden made it clear that he would not accept a deal that protects tax evaders and crypto traders while putting food assistance at risk for nearly 1 million Americans.

I mean, blaming crypto for everything is starting to become a default reaction, isn't it? 😀

We're not even sure why he assumes all crypto investors are "rich", most of us are broke AF. In fact, we're broke cos of crypto. 😅💸

So, while the debt ceiling talks continue, let’s hope that crypto and the US government can one day coexist peacefully.🤞

🧱 Around The Block: Attacker Hijacks Tornado Cash Governance.

  • 🤖 Cybersecurity: Attacker hijacks Tornado Cash governance via malicious proposal.

  • 📈 Network Activity Surge: Ordinals sends LTC and DOGE network activity surging for 3 straight weeks.

  • 🗣️ MetaMask: ConsenSys, the parent company behind the crypto wallet has debunked "inaccurate" rumors that it is collecting tax on crypto transactions.

  • Legal Settlement: Influencer served settlement demand via NFT following the $7M token presale.

That's all we've got for you today.

Please don't forget to rate today's email and let us know what you like about it.

In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own re

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